Freight costs are rising due to supply chain issues emerging following extreme weather events, like recent flooding in Dubai and conflicts in Ukraine and the Middle East. Ships are being forced to travel further to avoid the dried-up Panama Canal and attacks in the Red Sea by Houthi rebels. Shipping companies are spending more on fuel and insurance premiums. The impact is not as substantial as the early period of the COVID pandemic, where air freight was also disrupted, and workforces were trimmed. But consumers are being warned to expect prices and be more patient, as retailers use slower methods to get stock. Despite higher interest rates, inflation, and soaring energy costs, global trade is still tipped to rise in 2024 by the World Trade Organization.
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